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Bennett Environmental Announces Q4 and Full Year Results; Revenues and Profits Significantly Increase From Prior Year.

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Business Editors

OAKVILLE, Ontario--(BUSINESS WIRE)--Feb. 12, 2004

Bennett Environmental Inc., a North American leader in the high temperature treatment of contaminated soils, announces Q4 revenue of $21,984,054 and profits of $6,397,078 or $0.36 per fully diluted share ($0.27 US). Compared to the same quarter last year, the Company boosted its revenues and profits from $18,807,941 and $5,456,360 respectively as the Company's treatment facilities continue to ramp up. Full year revenue of $69,806,526 and profits of $19,372,261 increased significantly from $48,103,845 and $12,542,851 respectively from the prior year. For the full year, revenues increased by 45% and profits were up by 54%. Fully diluted earnings per share were $1.11 ($0.83 US) in 2003, versus $0.73 ($0.47 US) for last year.

Mr. John Bennett, Chairman and Chief Executive Officer of Bennett Environmental Inc. stated, "I am pleased with the results of the quarter and for the full year. Overall, 2003 has been a very successful year. Our core soil treatment business continues to experience rapid growth which is reflected in both the quarter and the full year financial results being much higher than the corresponding period in the prior year despite the 20% increase in the value of the Canadian dollar. We received new contracts and are currently executing on many large soil remediation contracts that will be continuing throughout 2004. The integration into our business of Material Resource Recovery is now complete, after its acquisition in late 2002. This company has made a significant financial contribution to earnings in 2003 and just as importantly, has broadened our...

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